Why Having Money Under 30 Matters
Let’s meet at Starbucks for coffee…
Want to do lunch?
There’s a new movie I’m dying to see
We are asked to participate in social functions like these on a daily basis. As a business owner all that matters is the bottom line but what we invest in beyond the bottom line determines our lifestyle. So why does having money under 30 matter? The answer is very simple- because is sets the foundation for the future.
There are lots of things to do, places to go, and people to meet but as you go through life you realize more and more that what you thought mattered doesn’t really matter at all. Almost all of us start out with some form of debt whether it be a new car, student loans, or a business venture as we grow through our 20’s and take on more and more responsibilities.
It’s important to recognize the value of our money and where it’s being spent, everything from the garbage, water, and sewer bill to our own insurance. Because going to school, getting a job, getting married, having children is not on the list of many 18-25 year olds. In fact, you’re more likely to find this group on the beach, taking a vacation, writing their own books, living with their parents and exploring the possibilities of what life is like on their own terms. And while you might not be thinking about the following list in your low-mid-twenties I can assure you what you think about and do in your late 20’s really does matter.
Beyond coffee, lunch, drinks, and shopping for most of us, our late twenties are focused on starting families, getting married, enjoying the honeymoon, buying a house, getting a new car, making some investments, or even planning for retirement. But what the hell is all that going cost? You might be surprised:
Average cost of Family: $227,000 and rising
Average cost of Wedding: $32,039
Average cost of Honeymoon: $5,111
Average cost of New Home: $272,900
Average cost of New Car: $30,274
Average cost of Retirement: $70,000 per year
Average cost of Health Care: $15,745 for family of 4
Total average cost: $653,069 and that’s only if we are retired for 1 year!
Add on top of that all of the unexpected expenses we might incur along the way. And lest we forget the already accumulated expenses like student loans and credit card debt, which average of $40-$100,000. And we end up having more than 1 MILLION dollars in expenses, and you find yourself asking who’s going to finance that.
But wait, there’s one cost I didn’t mention and that is the cost of investments. The BIGGEST investment we can make is in ourselves. So as you look at your life and what lies ahead and behind you have the option to be average or extraordinary and there is only one thing that is going to set you apart from the AVERAGE and that is the investment in starting your own small business. At an average cost of $30,000, this investment has the opportunity to pay back all of the expenses the AVERAGE American incurs. And I know you don’t want to be average so you end up with two options that job with the boss you love, that broken down car that barely gets you there, that paycheck that pays all your bills and allows you to travel and see the world or that risk that you’re just not sure your willing to take. Having the privilege of owning your own business is an incredible experience, it’s an extraordinary opportunity to grow, opens doors that wouldn’t otherwise be open, and expands the mind and enriches the body and spirit. If there is one reason why having money under 30 matters it’s because it sets the foundation for your future and paves the road for you to follow your dreams.
Melissa Krivachek President of Briella Arion is deeply & passionately committed to the growth & effectiveness of leaders, teams, and organizations. Melissa is a High Caliber Leadership, Sales, and Personal Growth Expert, Author, Speaker, Coach, and Life Enthusiast! To IGNITE your Purpose, Presence, Passion, & Profit visit Briellaarion.com or Ignite-Leadership.com.
Image Credit: Shutterstock.com
Category: Money Basics, Saving
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